fan. 1  Historical a device for winnowing grain. 2  any device or machine used to set up a current of air for ventilating or cooling; specif., any flat surface moved by hand. a folding device made of paper, cloth, etc. which when opened has the shape of a sector of a circle. 3  anything in the shape of a fan (noun), as the tail of a bird.
In addition, interest on home equity debt can also be deductible. Home equity debt essentially includes any other loan that is secured by your main home or second home. A lower borrowing limit of $100,000 for most taxpayers or half that for married taxpayers filing separately applies to home equity debt. What counts as mortgage interest? The portion of your monthly payment that goes to interest clearly counts as deductible mortgage interest for these purposes.
The loan must be a qualified student loan for the benefit of you, your spouse, or your dependent. Loans from a qualified employer plan don't count, nor do private loans from family or friends. Limits and Income Limitations The most student loan interest you can claim as a tax deduction is limited to $2,500 as of the 2017 tax year. The deduction is also limited by your incomeâit's reduced for taxpayers with modified adjusted gross incomes in a certain phase-out range and it's eventually eliminated entirely if your MAGI is too high.